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What Do You Know About Money?
For starters, when it comes to this popular topic, you should know that there are distinctions between money as represented by what you bill your client, money as represented by what and when the client pays, and money as represented by the compensation you personally receive—whether you are a sole practitioner or a member of a firm.
If you haven't given much thought to how these aspects of money are different and how they correlate with each other, you owe it to yourself to read our forthcoming "LawBiz Special Report," Law Firm Fees and Compensation. With more than 150 pages, an easy to read format and plenty of real world examples, Law Firm Fees and Compensation was released on April 15—Tax Day!
This "Special Report" centers on the interaction between what law firms charge clients for their services, how effectively they collect their fees from clients, and how lawyers themselves are compensated for the work they bill. Ensuring any law firm's business success requires taking the kind of integrated approach to the entire issue of fees, collection, and compensation that Law Firm Fees and Compensation offers, with practical tips on the best money management strategies:
- A written engagement letter that sets forth the clients' obligations and responsibilities including the paying of their bills.
- A budget for events, time, and money, so that clients are not surprised by what is billed but instead buy into and accept it.
- Billing methods that are easy to understand and that clearly list actions taken on the clients' behalf while relating them to the time it took to realize that value, making the bill more meaningful to the client.
- Constant communication, to make sure an actual or perceived problem does not result in a client deciding not to pay a bill.
- Collection processes that create a formal system to secure client payment without delay or contention.
- Compensation systems that recognize both the contribution of the individual lawyer and the best business interests of the firm as a whole.
Law Firm Fees and Compensation is the latest in our "Special Report" series that has covered business competency, banking relationships, and disaster recovery. Be sure to check our web site (www.lawbiz.com) and blog (www.lawbizblog.com) for special offers on a book that won't cost you much money, but that could help you generate plenty.
Best wishes,
Ed Poll
lawbiz.com
800-837-5880
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In this follow-up companion volume to my highly praised first Secrets collection, you'll learn how to be even more efficient, more effective, and more profitable in your practice. You'll get topflight tips for how to:
• Collaborate with clients
• Succeed in collecting your fees
• Open your own law office
• Maximize the return on your technology investment
• Make the most of outsourcing services
• Exceed your clients' expectations
• Fine-tune disaster and recovery planning
• Build a Weblog strategy
• Raise your rates
• And a whole lot more
Click here to purchase this book for only $49.95
What Readers Are Saying...
"You don't see many stories about legal firms making change work! Help is on the way. Ed Poll's book is a must-read for any leader who wants to win at the great game of business!"
-Terry Paulson, PhD, columnist, business speaker, and author of They Shoot Managers Don't They?
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